Bitcoin Surges Back to $62,000 Amid Bullish Signs
$BTC Bitcoin has surged to $62,000 following a steep drop to $49,751 on August 5, dubbed “Crypto Black Monday.” Traders are noting a bullish “bull hammer” pattern on the weekly chart, suggesting Bitcoin may have hit its low point. On August 8, Bitcoin briefly reached $62,510 before settling at $61,068, marking a 12.46% increase in a day.
Market sentiment has shifted positively, with more futures traders now holding long positions. This rebound coincides with Morgan Stanley’s move to authorize its advisers to recommend Bitcoin ETFs. However, some analysts predict further declines before any new highs, with possible prices ranging between $40,000 and $80,000 in the near term.
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